Friday, February 4, 2011

Paying Back Law School Loans

Law school is expensive. In “The Bar  Examiner, “ the magazine of the National Conference of Bar Examiners, Christopher Chapman examines “The Impact of the Recent Economic Crisis  on Law School Borrowers.” Here is one of  the many sobering charts that he provides. 

Table 3: Estimated Total Debt and Monthly Payments for the Class of 2009 

Public Law Schools

Private Law Schools

Average amount borrowed

$66,045

$100,003

Estimated accrued interest (during law school and post-graduation grace period)

$6,000

$11,600

Average debt at repayment

$72,045

$111,603

Monthly payment:

Standard Repayment Plan (10-year term)

$832

$1,310

Monthly payment:

Extended Repayment Plan (25-year term)

$504

$807

       

 (ljs)

http://lawprofessors.typepad.com/legal_skills/2011/02/paying-back-law-school-loans.html

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